Earlier quoted context omitted.
There are a lot of things driving up housing costs. Some of those are also driving wage disparity.
What are the “a lot of things?” Sure, construction standards are a bit higher but the technology is also much better and faster to build with. Speculation and landowner greed are the primary drivers of rising housing costs (with restrictive zoning being an consequence of the first two).
No, lower interest rates are the primary driver.